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Alpha Blue Ocean Calls for Reform of Element Board Ahead of EGM
Concern expressed about share price performance of Element
New directors to be proposed
Call for reverse merger with more viable asset
August 09, 2019 03:17 AM Eastern Daylight Time
LONDON--(BUSINESS WIRE)--Alpha Blue Ocean Advisers Inc. (“Alpha Blue Ocean”), an alternative investment firm specialising in providing innovative financial solutions for publicly listed entities, has called for reform of the board of the Norwegian firm Element ASA (“Element”) ahead of an extraordinary general meeting (“EGM”) of shareholders scheduled for August 19th. Alpha Blue Ocean is investment manager of the European High Growth Opportunities Securitization Fund (“EHGO”), an entity holding shares in Element.

“At the forthcoming Extraordinary General Meeting, we will therefore propose new directors whom we feel would be more appropriate for the next phase of Element’s growth.”
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Pierre Vannineuse, the founder of Alpha Blue Ocean, said, “There is widespread concern among shareholders in Element about the continued under-performance of its shares. We believe this is a result of poor choices made by the board and management team of the firm. ABO is in particular disappointed in the plummeting of the share price since the last general meeting where the current board of Element was elected, which we feel is a referendum on the strategy (or the lack thereof) communicated by Element’s board.”

“At the forthcoming Extraordinary General Meeting, we will therefore propose new directors whom we feel would be more appropriate for the next phase of Element’s growth.”

“In particular, we think that there is an opportunity for Element to consider a reverse merger with a more viable asset. Such a move would generate increased shareholder value and would be in the best interests of all shareholders in the firm. We look forward to working with other shareholders to turn around the company.”